Golf club redevelopment set to provide new seniors housing
LOS ANGELES: Impecunious golf clubs are increasingly looking to augment their cash flow via using surplus land for seniors housing.
Urbanite Property Advisory has been seeking Expressions of Interest from “experienced developers” for the joint venture redevelopment of a portion of the club’s landholdings at Greenwell Point Road, Worrigee.
In February, according to Urbanite, a development area of about 3.9 hectares had been identified.
At that time, the club began seeking interest from potential partners for site re-development options.
Now, Worrigee Links is beginning a second round call for EOIs, with a larger development area now being offered.
According to Urbanite, during the first round, the club received a number of proposals and market feedback, indicating that most developers preferred a five-hectare development lot to achieve the project’s ideal scale.
In response, the club has expanded the development area to approximately five hectares and is now re-opening the opportunity to all interested parties via the second round EOI process.
The revised development area has been workshopped with the club’s golf course architect, and updated plans and site investigation information are available.
According to Urbanite, some parties also noted the presence of the telecommunications tower on the site.
“The club can confirm that there are a number of lease tail arrangements in place, with the longest having an approximate remaining term of eight years,” Nick Barlow, senior property advisor for Urbanite said.
“The club intends to commence negotiations to facilitate the relocation of the tower and/or negotiate a payout of the remaining lease term.”
Earlier this year, Urbanite revealed that following the recent acquisition of adjoining farmland, the club were considering how a potential relocation of the existing cricket oval [circa four hectares] could help unlock the development potential of the site.
As such golf course architects were engaged to explore various concept schemes for a potential course re-design to allow for the relocation of current facilities.
The club has already undertaken preliminary investigations, and while end uses have not been decided the club has shown preference towards seniors’ living.
In February, Anna Porter, managing director of Urbanite Property said there had been a “good amount of interest” so far.
“Obviously developers will have their own ideas of what might work, but the club’s preference is look at something that is in and around the seniors’ living sector,” she said.
“That’s synergetic with the club and its members, and there’s a huge need in the community for that type of housing.
“The club isn’t obliged to do anything at this stage, and they’re not in a position where they have to do anything – they are in a strong financial position.
“This is something they are doing to diversify their revenue; to create a bigger, better community precinct, and a destination.
“It’s not a need to do, it’s something they want to do as a pathway into the future.”
Worrigee is a suburb situated to the east of South Nowra.
According to the information memorandum, Worrigee Links is a popular sporting club.
“Part of the Shoalhaven Ex-Services Group, the 18-hole golf course and newly extended clubhouse provides members and visitors a unique experience,” the information states.
“The clubhouse has recently undergone significant extension, and renovation works to provide patrons with the best experience possible.”